Sunshine Heart Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
19 January 2016 - 9:30PM
Sunshine Heart, Inc. (NASDAQ:SSH), today announced that on January
14, 2016, the Compensation Committee of its Board of Directors,
which is composed entirely of independent directors, approved an
equity award to Eric Lovett, Ph.D. under Sunshine Heart’s New-Hire
Equity Incentive Plan. This grant was made as a material inducement
to Dr. Lovett’s entering into employment with the Company.
The equity award was approved in accordance with NASDAQ Listing
Rule 5635(c)(4), which also requires a public announcement of
equity awards that are not made under a stockholder approved equity
plan.
In connection with entering into employment with Sunshine Heart,
Dr. Lovett, who was not previously an employee or director of
Sunshine Heart, received an option to purchase an aggregate of
104,000 shares of the Company’s common stock. The option has an
exercise price of $1.06 per share, which is equal to the closing
price of the Company’s common stock on January 14, 2016. The
option has a ten-year term and vests over a period of four years,
with 25% vesting one year after the date of grant and the remaining
75% vesting in 36 approximately equal monthly increments, provided
Dr. Lovett’s employment is continuing on each such date, and
subject to acceleration or forfeiture upon the occurrence of
certain events as set forth in Dr. Lovett’s option agreement.
About the C-Pulse® Heart Assist System
The C-Pulse Heart Assist System, or C-Pulse System, an
investigational device in the United
States, Canada and countries that do not recognize the CE
mark approval, utilizes the scientific principles of intra-aortic
balloon counter-pulsation applied in an extra-aortic approach to
assist the left ventricle by reducing the workload required to pump
blood throughout the body, while increasing blood flow to the
coronary arteries. Combined, these potential benefits may help
sustain the patient's current condition or, in some cases, reverse
the heart failure process, thereby potentially preventing the need
for later-stage heart failure devices, such as left ventricular
assist devices (LVADs), artificial hearts or transplants. It may
also provide relief from the symptoms of Class III and ambulatory
Class IV heart failure and improve quality of life and cardiac
function. Based on the results from our feasibility study, we also
believe that some patients treated with our C-Pulse System may be
able to stop using the device due to sustained improvement in their
conditions as a result of the therapy.
Caution: Investigational device, limited by Federal
(or United States) Law to Investigational use.
About Sunshine® Heart
Sunshine Heart, Inc. (Nasdaq:SSH) is an early-stage medical
device company focused on developing, manufacturing and
commercializing the C-Pulse System for treatment of Class III and
ambulatory Class IV heart failure. Sunshine Heart has
completed an approved U.S. Food and Drug Administration (FDA)
feasibility clinical study of the C-Pulse System and presented the
results in November 2011. In March 2012,
the FDA notified the Company that it could move forward
with an investigational device exemption (IDE)
application. Sunshine Heart received unconditional
approval from the FDA in November 2012 to initiate
its pivotal study. In July 2012, Sunshine
Heart received CE Mark approval for its C-Pulse System
in Europe. Sunshine Heart is a
Delaware corporation headquartered
in Minneapolis with wholly owned subsidiaries
in Australia and Ireland. The Company has been
listed on the NASDAQ Capital Market since February
2012.
Forward-Looking Statements
Certain statements in this release are forward-looking
statements that are based on management's beliefs, assumptions,
expectations, and information currently available to management.
All statements that address future operating performance, events or
developments that we expect or anticipate will occur in the future
are forward-looking statements, including, without limitation, our
expectations with respect to future clinical study activities and
results including patient enrollment in studies. These
forward-looking statements are subject to numerous risks and
uncertainties, including, without limitation, the possibility that
our clinical studies do not meet their enrollment goals, meet their
endpoints or otherwise fail, that regulatory authorities do not
accept our application or approve the marketing of the C-Pulse
System, the possibility that we may be unable to raise the funds
necessary for the development and commercialization of our
products, that we may not be able to commercialize our products
successfully in the EU and the other risk factors described under
the caption “Risk Factors” and elsewhere in our filings with
the U.S. Securities and Exchange Commission. You should not
place undue reliance on forward-looking statements because they
speak only as of the date when made and may turn out to be
inaccurate. We do not assume any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. We may not actually
achieve the plans, projections or expectations disclosed in
forward-looking statements, and actual results, developments or
events could differ materially from those disclosed in the
forward-looking statements.
For further information, please contact:
Candice Knoll
Investor Relations
Blueprint Life Science Group
T: +1-415-375-3340 Ext. 105
Claudia Drayton
Chief Financial Officer
Sunshine Heart, Inc.
T: +1-952-345-4200
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